The Colorado Department of Local Affairs (DOLA), Division of Housing, has awarded $1,753,000 to Ignacio, Pagosa Springs and Silverton, as part of Proposition 123 (Prop 123) initiative to support the development of affordable housing.
These funds, made available through the State Affordable Housing Support Fund, will assist the awarded communities in creating new housing units to address the growing need for affordable and attainable homes.
Prop 123 created a state-level funding mechanism, dedicating 40 percent of the funds to the Affordable Housing Support Fund, administered by DOLA, and 60 percent to the Affordable Housing Financing Fund, overseen by the Colorado Office of Economic Develop- ment and International Trade (OEDIT).
These funds are allocated to support local housing programs aimed at addressing the affordable housing crisis in Colorado.
Through this funding, the following projects will receive support:
Ignacio: Rock Creek Phase 2, which will consist of an 11-unit housing development.
Pagosa Springs: Chris Mountain II Phase 2.
Silverton: Anvil Walsh Townhomes, which will include nine modular housing units.
The Pagosa Springs Community Development Corporation’s (PSCDC’s) Chris Mountain II Phase 2 project was awarded $675,000.
Phase 2 of the Chris Mountain project will consist of 10 single-family detached homes, with expected completion in 2025. The entire project will include 35 homes. These units will serve families employed full-time, with Habitat for Humanity providing USDA 502 loans to qualifying households.
“The proposed 10 homeownership units, affordable to households earning 100 percent AMI, will address a critical need in the market, particularly for first-time homebuyers and the ‘missing middle,’” said Emily Lashbrooke, PSCDC executive director. “While I’m not a builder or developer, I’m a problem solver. We’re learning by doing, and our focus is on getting things done, as that’s what the town and the county have tasked us with.”
Due to rising labor and material costs as well as the remote location, building affordable homes within the 100 percent area median income (AMI) range has become challenging.
The PSCDC is working with local partners to bridge this gap and con- tinue developing affordable housing.
The stakeholder/partners for the project include: Archuleta County, Pagosa Area Water and Sewer District, Habitat for Humanity of Archuleta County, Archuleta County Housing Authority, and various other grant partnerships.